Empire State Realty Trust, Empire State Building controller, files for IPO
The Empire State Building in New York City.
Fans of the 1933 movie “King Kong” will soon be able to buy stock in the film’s most famous location – the iconic Empire State Building.
The building’s controller, Empire State Realty Trust Inc., is planning a $1 billion initial public offering, according to a Securities and Exchange Commission filing, Bloomberg News reported.
Empire State Realty said it would list its shares on the New York Stock Exchange and use the ticker symbol “ESB,” the Associated Press reported.
In a separate filing, the company said it would consolidate a group of closely held companies to form a real estate investment trust as part of the IPO, Bloomberg News reported.
Empire State Realty said it will use the money it raises to renovate the 102-story building as well as to pay some investors, repay loans and possibly buy other buildings, the AP reported.
The IPO is notable not only because the company controls one of the world’s most famous buildings, Forbes magazine said. According to Forbes:
Most real estate ventures—especially those in New York—are traditionally kept private. Throughout the US, roughly 90 percent of all real estate is private, analysts say.
Empire State Realty is headed by CEO Anthony Malkin, whose father, Peter, owned the 114-year lease on the Empire State Building prior to 2002, Forbes reported.
Bank of America Merrill Lynch and Goldman Sachs Group Inc. will act as advisors on the IPO, Bloomberg News reported.
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